Growing Construction Industry to Drive Polymer Binders Market
The global construction output is projected to grow by 85% to reach $15.5 trillion by 2030.
The polymer binders market is estimated to be $24.1 billion in 2018 and is projected to reach $35 billion by 2023, at a compound annual growth rate (CAGR) of 7.8%. Majority of polymer binders' applications, such as architectural coatings, adhesives and sealants, and construction additives, are related to the construction industry. The growth in the construction industry is expected to have a favorable impact on the growth of the polymer binders market.
The global construction output is projected to grow by 85% to reach $15.5 trillion by 2030. China, the U.S., and India are expected to contribute more than 50% to the overall growth of the construction industry. According to the Asian Development Bank (ADB), based on the current growth rate of Asia-Pacific (APAC), the region requires an investment of $1.7 trillion till 2030 for its infrastructure.
The construction additives application segment is projected to register the highest CAGR between 2018 and 2023, reportedly owing to the increased demand for polymer binders in the tiling and flooring, mortar mix, plastering, and insulation systems applications. In addition, the growing population creates demand for both public and private construction projects, which will increase the demand for polymer binders in the construction additives application.
Asia-Pacific is estimated to account for the largest share of the polymer binders market in 2018, owing to the growing construction industry which creates demand for polymer binders in the architectural coatings, construction additives, and adhesives and sealants applications. According to the ADB, based on the current growth rate of APAC, the region requires an investment of $1.7 trillion till 2030 for its infrastructure development to meet the growing population's infrastructure need. In APAC, China and India are the largest producer and consumer of textile products, globally.
For more information, visit www.reportlinker.com.